Loading...
HomeMy WebLinkAbout6B(2) ht mw, of Comm n i -�� f -��, � u ty Investment ins Memorandum April 24, 2014 TO: Redevelopment Commission FROM: David Relos, Economic Resources a SUBJECT: 112 S.St. Louis sale Purchase Agreement with Strataby's LLC As part of the planning efforts in the East Bank area, this property was transferred to the Commission by the Board of Public Works in 2005, with a dilapidated house on it then being demolished. Being only 33' wide, it is an unbuildable lot. This parcel was taken through the disposition process last fall, with an offering price of $4,200. No bids were received. Being an abutting property owner, Strataby's LLC (Barnaby's) has inquired about the lot, and has offered to acquire it for the minimum appraised value of$1,400. Since the sale of this property will place it back on the tax rolls and may assist in the future expansion of the Barnaby's property, Staff requests approval of the attached Purchase Agreement to sell this lot to Strataby's LLC. 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV PURCHASE AGREEMENT By and Between The South Bend Redevelopment Commission & STRATABY'S, L.L.C. 713 Jefferson Blvd. South Bend, Indiana 46617 THIS PURCHASE AGREEMENT, dated as of the day of April, 2014, is made and entered into between the South Bend Redevelopment Commission, for and on behalf of the City of South Bend, Department of Redevelopment(the "Seller") and STRATABY'S, L.L.C., an Indiana limited liability company, (the "Purchaser"). RECITALS WHEREAS, the Seller desires to sell a parcel of real property, including any and all improvements thereon, currently owned by the Seller which parcel is more particularly described as: The North Half(1/2) of Lot Numbered Two Hundred Forty-Two (242) as shown on the recorded Plat of Samuel L. Cottrell's Addition to the Town of Lowell, recorded in Plat Book T, page 236, in the Office of the Recorder of St. Joseph County, Indiana Tax ID No.: 18-5011-0338 Common Address: 112 South St. Louis Street, South Bend, IN 46617 (the "Property"); and WHEREAS, the Property is within the boundaries of the City of South Bend, St. Joseph County, Indiana; and WHEREAS, the Seller has completed its disposition procedures for the Property and has offered the Property for sale in accordance with IC 36-7-14-22 and WHEREAS, the Purchaser has made an acceptable offer for the purchase of the Property; and WHEREAS, the Seller desires to accept the Purchaser's offer; and WHEREAS, the Seller and Purchaser desire to complete the transaction pursuant to the terms and conditions set forth in this Agreement; NOW,THEREFORE, the Parties hereby agree and represent as follows: 1. The Seller hereby agrees to sell the Property to the Purchaser and the Purchaser hereby agrees to purchase the Property from the Seller for One Thousand Four Hundred Dollars ($1,400.00) (the "Purchase Price"), subject to the following terms: a. The Seller and the Purchaser shall close the transaction on a date (the "Closing Date") that is no later than thirty (30) days of the date of this agreement at Meridian Title Company, South Bend, Indiana 46601 (the "Title Company") or on such date and time or at such place as mutually agreed upon by the parties. b. At closing,the Purchaser shall pay to the Seller the Purchase Price. c. The Purchaser shall be entitled to possession on the Closing Date. d. At closing, the Seller shall deliver to the Purchaser a Quit Claim Deed providing for the conveyance of the Property. The Parties acknowledge that the Seller is a municipal corporation and no taxes should have accrued against the Property as of the Closing Date,however, any taxes which may accrue due to the transfer of the Property to the Purchaser shall be paid by the Purchaser and the Purchaser shall be responsible for all taxes thereafter. 2. The Purchaser shall be responsible for the recording costs and any other similar closing costs. 3. The parties each represent that any real estate commissions that are due and owing to any third party with respect to this transaction shall be paid by the party employing such third party. 4. In the event the Purchaser fails to comply with the terms of this Purchase Agreement or is otherwise in breach hereof, the Seller shall be entitled to declare this agreement at an end and of no further force and effect. 5. The Purchaser acknowledges that the Purchaser has conducted their own due diligence and acknowledges that the Purchase Price is fair and reasonable and waives any right that they may have to an appraisal or to contest or challenge the validity of the amount paid under this Purchase Agreement. 6. This Purchase Agreement embodies the entire agreement between the parties and cannot be varied except by the written agreement of the parties. No representation, promise, or inducement not included in this Agreement shall be binding upon the parties hereto. 7. All the terms and conditions of this Purchase Agreement are hereby made binding on the successors and permitted assigns of both parties hereto. 8. This Purchase Agreement shall be governed by and construed in accordance with the laws of the State of Indiana and venue for any action shall be St. Joseph County, Indiana. 9. This Purchase Agreement shall be effective and binding upon execution by the parties hereto. This Purchase Agreement may be executed in counterparts. 10. This Purchase Agreement will survive closing. 11. If any individual provision or provisions of this Purchase Agreement is or are held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this Purchase Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 12. Each party shall execute and deliver to the other all such other further instruments and documents as may be reasonably necessary to accomplish the transaction contemplated by this Purchase Agreement and to provide and secure to the other party the full and complete enjoyment of its rights and privileges hereunder. 13. Neither party shall maintain that the language in the Purchase Agreement shall be construed against any signatory hereto. 14. Words of any gender used in this Purchase Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise. 15. The undersigned persons executing and delivering this Purchase Agreement on behalf of each of the parties respectively represent and certify that they are duly authorized and are fully empowered to execute and deliver this Purchase Agreement and that all necessary actions have been taken and done by their principal, if any. The Purchaser represents that no provision of Indiana law prohibits the Purchaser from completing the terms of this Purchase Agreement. "SELLER" CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT Signature Printed Name and Mlle South Bend Redevelopment Commission ATTEST: Signature Printed Name and T Ptle South Bend Redevelopment Commission "PURCHASER" STRATABY'S,L.L.C. Si ature 717 -1211 L4W M. firRo47i J /J c,GEW7 Printed Name and Thle (Signature page to PURCHASE AGREEMENT By and Between The South Bend Redevelopment Commission & STRATABY'S, L.L.C)